Africa ETF News Older Than 1 year-If your looking for specific news, try using the search function
Rand firms against dollar after US data
February 3, 2012--The rand firmed against the dollar in late afternoon trade on Friday following the release of better-than-expected US jobs data.
"It's a risk-on scenario after the US non-farm payrolls figures, but even before that we saw the rand supported by some very large offshore names and the US data just assisted the rand's progress," a local currency trader said.
"The euro briefly touched $1.32 after the data announcement and I think the single currency has performed admirably given the circumstances.
read more
Source: FIN24
JSE pushes record higher
February 2, 2012--The JSE was up at the close on Thursday, as the market's underlying bullish tone continued to drive trade higher.
A local trader said, "It's difficult to tell if the tone is a result of expectation that a deal would be made in Europe."
The All Share [JSE:J203] has risen 7% in January alone which was "absolutely fierce".
read more
Source: FIN24
Rand near 5-mnth high, Greece casts shadow
February 2, 2012--South Africa's rand hovered close to the previous day's five-month highs against the dollar on Thursday but could come under renewed pressure in coming days as fears of global contagion from euro zone debt problems, particularly in Greece, persist.
Improved risk appetite has lifted the rand by about five percent against the greenback since the start of this after tumbling nearly 23 percent last year as Europe's debt woes drove investors to traditional safe-haven assets, away from emerging markets seen as carrying more risk.
read more
Source: FIN24
JSE scales new lifetime high
February 1, 2012--South African stocks closed at a new lifetime high on Wednesday, gaining more the 1 percent as positive earnings statements and upbeat economic data from China helped lift resources firms such as Assore.
Shares of Absa, the South African lender controlled by Barclays, ended up 0.3% at 149.20 having earlier declined on news its veteran deputy CEO would step down next year.
“There is a lot of positive trading statements being released in our market in the last few days,” said Betzi Yang, trader at Legae Securities.
read more
Source: FIN24
Rand reaches 5-month high, bonds gain
February 1, 2012--South Africa’s rand surged more than 2% against the dollar on Wednesday, touching a near-five month high in line with a stronger euro as hopes of a resolution to Greece’s debt crisis helped to lift risk appetite globally.
Government bonds rallied in tandem, supported by continued demand from foreign investors looking for yield in emerging markets.
The rand soared to a session high of 7.6575/dollar, its strongest level since Sept. 20 last year, and was trading at 7.66 by 16:03 GMT, up 2.05% on the day.
read more
Source: FIN24
Bonds fall ahead of weekly auction
January 31, 2012--South African sovereign bonds weakened against the dollar on Tuesday before a weekly auction at which the government is taking the unusual step of issuing three bonds, mostly from the long end of the curve.
The weakness comes despite Treasury data showing a narrower fiscal deficit in the first nine months of the 2011/12 financial year compared to the previous year.
Investors expect South Africa's budget to be under pressure over the next few years as taxes are expected to take up to four years to recover to their pre-financial crisis levels.
read more
Source: FIN24
JSE follows Asian markets up
January 31, 2012--The JSE began Tuesday in the black following eastern markets higher.
A local trader said that the positive start was across the board this morning. Volumes were low, although the trader noted that it was still early in the trading day.
At 09:17 local time, the JSE All Share [JSE:J203] index was 0.64% higher at 33,843.50. Platinums accumulated 0.86%, resources took up 0.80% and gold stocks gained 0.64%. Banks were 0.68% higher, financials generated 0.60%, and industrials edged up 0.53%.
read more
Source: FIN24
Rand firms on higher risk appetite
January 31, 2012--The South African rand traded slightly firmer against the dollar on Tuesday, drawing strength from hopes of a successful conclusion to debt swap negotiations in Greece which boosted risk appetite in emerging markets.
Government bonds were little changed on the JSE exchange following signs of increased demand from foreigners seeking higher yields as interest rates in developed countries remain depressed.
The rand showed little reaction to data showing a trade surplus of R4.7bn in December compared with an R8bn deficit in November, as analysts said the swing bodes well for the currency.
read more
Source: FIN24
Profit taking knocks JSE for second day
January 30, 2012--South African stocks fell for a second day on Monday, giving up nearly 1 percent as investors booked profits after a January rally that pushed Johannesburg’s broadest index to a string of lifetime highs.
Gold miners such as Harmony Gold and AngloGold Ashanti bucked the trend, shrugging off the weaker equity market and a decline in the price of bullion after Goldman Sachs upgraded its rating on both companies to “neutral” from “sell”.
The All Share [JSE:J203] index shaved 0.78% to 33 629.77, after climbing to a record high of 34 079.54 on Thursday. The Top 40 - (Tradeable) [JSE:J200] index of bluechips lost 0.92% to 30 044.33.
read more
Source: FIN24
Risk aversion hits rand, bonds
January 30, 2012--South Africa's rand fell more than 1 percent on Monday as investors globally shunned risky assets and data showing a narrowing budget deficit failed to encourage investors as public finances are expected to be under pressure over the next few years.
Government bonds also fell, with some dealers saying local assets were also hit by profit taking after strong gains last week.
South Africa's budget deficit narrowed in the first nine months of the financial year but it is expected to be hit by weak revenue over the next few years.
read more
Source: FIN24
